Investment - Development Project - EQC Damaged
If you have a taste for a project, and you like the smell of money, then pay attention. If you like to follow the crowds and earn ordinary returns, then move along, this ain't for you. There is unquestionably work to be done here, there are issues to resolve, but there is upside everywhere you look, and therein lies the opportunity.
In this high demand location, this student renter has always been a strong income generator. But the property suffered damage from the 2016 earthquakes, so it is now in need of repair. Couple this with a need for general renovation, possible potential for development of the spare land at the front, with garaging for two cars, and this is an opportunity that is screaming potential at every turn.
- 2 flats currently utilised as a 5 bedroom home
- Currently a student rental rented for $1,225pw until 11 Feb 2022
- EQC damaged and in need of repairs and maintenance
- Two garages on the street
- The existing dwelling is elevated and set back from the street, providing a potential opportunity to utilise the front of the site for further development - concept plans available
- With 536sqm^ of land, and inner residential zoning, there is potential for up to 50% site coverage as of right
- A detailed information pack is available, including engineers feedback, EQC claim details, concept plans, plus some pricing estimates
- 5 heat pump system, insulated in the roof and under floor, vendor advises all Healthy Homes standards are met other than ground vapour barrier
- 2018 RV $900,000
- Rates $4,699.74pa
This has been a great earner for our out of town vendor, but she is not interested in managing the necessary work remotely, so the opportunity is now yours to grab. If you have the required vision, and are willing to roll your sleeves up, come check it out and get your ducks in a row for tender day. (^Source: Property Guru)
Tender closes 1pm, Thursday, 28 October 2021 at 8 Kent Terrace, Wellington (will not be sold prior).
During the Alert Levels Lowe & Co Realty will be practising safe workplace guidelines as issued by REINZ.